|Market Close||Market Close|
|Gas prices strengthened for the majority of Monday’s session with bullish pressure provided by a rise in coal, oil and carbon. However, contracts reversed later in the day and closed around their opening price. Overall fundamentals were little changed and price movements were largely technical.||Power prices followed stronger gas yesterday morning but moved down later in the session. Early support was provided by a rise in fuel markets but prices stabilised in the afternoon. The prompt found support from an expected rise in gas-fired power demand today, as wind levels were forecast to fall and cooling demand will be high.|
|Market Open||Market Open|
|The UK gas system is oversupplied this morning due to a lack of storage injections and a drop in exports to mainland Europe. This has helped to offset a rise in gas demand which is needed to support the grid due to an expected rise in cooling demand during the current heatwave. Despite this, prices have moved down on the near-curve, with a drop in carbon and stable coal weighing on the far-curve.||Power prices have decreased this morning, although movement on the far-curve has been limited by a bullish outlook for oil. The current heatwave has increased demand for cooling as expected but prices have been influenced by weakness on the gas curve.|
For a breakdown of the current generation mix visit our Power Generation Insights page.
Brent 1st-nearby prices were on the rise yesterday but have stabilised this morning despite on-going tensions involving Iran, the UK and the US; Brent currently trades around $63.3/b.
1-year forward prices
Market close data has revealed that the 1-year forward price for both commercial gas & commercial electricity decreased – closing at 49.74ppt and £54.85/MWh, respectively.
Today’s prices can also be found in an easy to read table on our ‘current UK energy price' page.
Click graph to enlarge
If you would like to learn more about how Apollo Energy can help your business find the best deal on its gas and energy contracts then feel free to get in touch by calling us on 01257 239500 or using the form on our contact form.